Best & Worst Cities For Money Management: Here’s How Michigan Cities Ranked
(CBS DETROIT) – The personal finance website WalletHub released its report on which cities ranked the best and worst at money management.
In the study, WalletHub officials explain that money management isn’t taught as much as it should be in schools, but it is something that people should want to learn more about as it can help establish credit and pay off debt.
To see which cities in the United States are best at keeping track of money, WalletHub compared 2,500 cities based on money-management indicators, such as median credit score, the average number of late payments, and mortgage debt-to-income ratio.
Data from the study shows that Lafayette, Indiana has the lowest mortgage debt-to-income ratio at 87.2%. This is 12.2 times lower than in Ewa Beach, Hawaii, the city with the highest at 1,061.26%.
The study also found that Darien, Connecticut, has the lowest student-loan debt-to-income ratio, 14.2 times lower than in Morrow, Georgia, the city with the highest.
So, where do cities in Michigan rank among this list?
Detroit ranked No. 62 among the list of large cities in the United States regarding money management skills.
Here are the midsize Michigan cities that ranked on the list:
- Sterling Heights is at No. 17
- Ann Arbor at No. 23
- Warren at No. 65
- Grand Rapids at No. 75
- Lansing at No. 123
Here are the small Michigan cities that ranked on the list:
- Rochester at No. 16
- Troy at No. 26
- Bloomfield Hills at No. 33
- Northville at No. 34
- Rochester Hills at No. 41
- Novi at No. 70
- Plymouth at No. 84
- Royal Oak at No. 129
- Birmingham at No. 136
- Trenton at No. 165
- Okemos at No. 193
- Livonia at No. 219
- Midland at No. 220
- Jenison at No. 221
- Farmington Hills at No. 226
- Lake Orion at No. 234
When completing this study, WalletHub defined large cities as more than 300,000 people, midsize cities as 100,000 to 300,000 people, and small cities as fewer than 100,000 people.
To see which factors contributed to each city’s ranking and more information on the ranked cities, view the complete study here.
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